Quantifying the total worldwide silver supply is difficult as silver has been used throughout history for coinage, silverware, jewelry and in industrial applications. That said, the supply of silver as a bullion-grade investment can more easily be calculated. Market estimates from ArabianMoney.net suggest the total worldwide supply of investor-grade silver bullion is roughly 1 billion ounces. That’s less than half the supply of investment-grade gold bullion, as gold is more frequently saved as a hedge against currency devaluation.

Based on today’s prices, the total supply of investment-grade gold bullion is worth $4.3 trillion. The total supply of investment-grade silver bullion is worth $28.8 billion. During inflationary periods, owners of scrap precious metals such as jewelry will likely sell their gold scrap, not their silver scrap, as gold commands higher prices. This fact can lead to investment-grade silver demand out-pacing the demand for investment-grade gold bullion.